According to FINRA, Thomas John Lykos Jr. was barred from association with any FINRA member in all capacities following a NAC decision that was appealed to the SEC on January 10, 2022. The bar remains in effect pending review.

Lykos was found in violation of the Rules of Conduct governing examinations after he acted unethically by cheating on a qualification examination. While viewing test material on the computer, Lykos wrote information on his driver's license and between the fingers of his left hand. When the proctor asked for his identification during a break, Lykos had to return to his workstation to rub the writing off his license. However, he successfully concealed the writing on his hand by keeping it in his pocket during checkout.

During the break, Lykos went to a bank where he knew a teller and asked to use her office - an area unmonitored by test center staff or cameras. When attempting to re-enter the test center, Lykos tried to bring in a business card but tore it in half and discarded it when the proctor noticed it. Evidence showed that Lykos had writing between his fingers when he re-entered the test room. After returning from the break, Lykos spent approximately 14 minutes reviewing previously answered questions and changed his answers to two questions - the only time during the exam he changed any answers.

Qualification examinations exist to ensure that securities professionals possess the knowledge necessary to serve investors competently and ethically. Cheating on these exams undermines the entire regulatory framework designed to protect investors by ensuring minimum competency standards.

This case demonstrates that FINRA takes examination integrity seriously and will bar individuals who cheat, regardless of whether they ultimately passed the exam. Investors should feel confident that registered professionals have legitimately demonstrated their qualifications through proper examination procedures.